Altura Mining Ltd. secured an earn-in and offtake agreement to acquire a 51% stake in 1,806-square-kilometer tenement package owned by Sayona Mining Ltd. near Altura's mining and processing facilities in the Pilgangoora lithium district of Western Australia.
Altura can earn the interest by spending A$1.5 million on exploration within three years. In case of option withdrawal, the company is required to spend at least A$500,000 on exploration, including drilling of at least 2,500 meters on the Mallina and 1,000 meters on the Tabba Tabba lithium projects in Western Australia.
Sayona will retain a 49% stake, subject to potential dilution should it decide not to participate. The company said Aug. 8 that the deal will allow it to focus on its flagship Authier lithium project in Quebec.